According to the report from the Office for National Statistics (ONS), from March to May, the unemployment rate (for those aged 16 years and over) remained unchanged at 4.4% (the highest value since September 2021), which coincided with economists' forecasts. The economic inactivity rate was 22.1% in March to May, above estimates of a year ago, but decreased in the latest quarter (-0,1%).
The ONS said that in May, payrolled employees increased by 54,000 (+0.2%) compared to April, and rose by 265,000 (+0.9%) year-on-year. The claimant count increased in June by 32,300 on the month, to 1.663 million. Economists had expected an increase of 23,400. Meanwhile, in April to June, the estimated number of vacancies decreased by 30,000 on the quarter to 889,000. Vacancies decreased on the quarter for the 24th consecutive period but are still above pre-coronavirus pandemic levels.
The data also showed that from March to May, the growth in average total pay (including bonuses) and regular pay (excluding bonuses) was 5.7% per annum (+5.9% in the previous three months) and 5.7% per annum (+6.0% in the previous three months). Economists also expected an increase by 5.7%. Adjusted for inflation, wage growth in real terms was 2.2% for total pay and 2.5% for regular pay.